Hi guys, what's ur opinion for my case? (kinda long)

[mrskal]

You can also go to carmax with the car and they will write up an offer to buy it. They will give you a paper stating that amount. I did that with my car and it came back at least 2K less than KBB.

[Iamsoindebt]

No they will not take your dog, unless, maybe it is a show dog worth a lot of money.

thanks =) actually i typed in pets in search and wow many had same worry heh

[Iamsoindebt]

The trustee will normally not pull a dog from a home, unless you have a top show dog you are using to breed. I think you are safe that no one will take your dog. I have three Shar pei's and the trustee did not look twice at my animals.

The trade-in value on the car in excellent condition is 8500 for an excellent condition and about 7900 for good, and 6900 for fair. The trustee will not be able to sell the car for 12K. The car would be sold at a private auction or to a whole seller. I would check with your attorney, but if I had to sell the car in my area it would sell in a private sell I would sell it for 7500 to 8500. Now what I would do is check around your area to see what the car is actually selling for. Since Toyota had all the issues Toyota is not holding it's resale value as it has in the past. I would look around at used car lots and even take your car to a dealer to see what they value your car as. Even if you have to act interested in buying a car you should not have to fill any paperwork out to see what trade-in deal they will give you.

thanks again, you've been great help. But what if I were to pay the trustee, and like the poster after me said, can i go to carmax and get a writeup? This way I can pay the trustee that amount for the car?

Also, without a job would the trustee let me do it?

Sorry to pester you heh =)

[meateater]

Greetings iamsoindebt!

is there any urgency to filing sooner rather than later (other than wanting to get it over with)? Can you wait until you are done with school - you'd at least know how much you had in student loans, the car would be worth less, and you might not need the car anymore. You might also be able to chip away at the debt on which there is a cosigner (not preferential amounts, but if you are making any payments on the debt, that could be a consideration). Is the salary you're likely when you start working likely to put you over the limit for chapter 7?

[Exployer1234]

If you do not have a job then you are judgement proof, meaning if anyone sues you there is nothing to give them at that time. You will not go to jail. The judgement will continue to have interest added to the balance, but the creditor can not garnish your check, because you do not have a job.

I would wait personally to do BK if I did not have a job. Plus NY wage garnishment is only 10%. If you wait then your car will be valued less and you never know what else may happen in the next two years.

If you do decide to go with BK then the trustee will set amount he wants you to pay for the car. Now here is the tricky part the trustee can see if there is any higher offers, thus you would lose the car anyway unless you wanted to pay more for the car at that point. That is why many people just walk away from the car. Personally I would not pay twice for my car.

If you wait to finish school then even if you file on the first month at your new job you will be fine. The courts are looking back 6 months so it will show no income. Even if you list the adjusted future pay your debt/income ratio will still not be enough to cover all the debt you owe.

[Exployer1234]

http://www.fair-debt-collection.com/state-wage-garnishments.html

Up 33. New York Wage Garnishment
The maximum amount recoverable is ten percent (10%) of gross income, or the federal maximum, whichever is less.
If the debtor is subject to garnishment for alimony, support or maintenance, the combined garnishments cannot exceed twenty-five percent (25%) of disposable earnings.
Income executions are prioritized by order of delivery to the Sheriff, but garnishments for alimony support or maintenance always take priority.
The execution is a two-stage process. First, the sheriff serves the execution on the debtor at his or her residence. If the debtor does not begin making payments within twenty (20) days, the sheriff levies on the employer

[Iamsoindebt]

thanks again exploy

so basically, my car is gonna prevent me from filing bankruptcy! arrrrgh, shouldn't have bought it. but i was tired of my old van from breaking down.

is it too late to sell it?(place the title under another person's name and that person get insurance and puts me as 2nd driver) that would be hiding asset correct? if I sell it to my friend(not relative), it is still traceable through the state's DMV system right?

[Exployer1234]

If you sell your car most states will require there be a 2 year time frame from the time of sell, especially if you make more then the allowed amount of money for the asset. In my state the trustee stated at the beginning of the 341 meeting that he would ask if anyone had sold, borrowed, or transferred any property for 2 years. Also you can not have your name associated anywhere on the car if indeed you do sell it and plan on filing BK in two years.

You can however trade the car in on a brand new car and reaffirm that debt prior to BK.

I would check with a lawyer in your state just to be sure about the selling a car prior to BK and ho long you have to wait. Also you may have additional exemptions that I did not see in your state.

Each state is different. Take for example in TN a creditor can garnish 25% of your pay after taxes. In New York they can only garnish 10%. So I would wonder if there might be some exemption allowing you to keep the car. Lawyers offer free consultations.

[BobMango]

If you sell your car most states will require there be a 2 year time frame from the time of sell, especially if you make more then the allowed amount of money for the asset. In my state the trustee stated at the beginning of the 341 meeting that he would ask if anyone had sold, borrowed, or transferred any property for 2 years. Also you can not have your name associated anywhere on the car if indeed you do sell it and plan on filing BK in two years.

You can however trade the car in on a brand new car and reaffirm that debt prior to BK.

I would check with a lawyer in your state just to be sure about the selling a car prior to BK and ho long you have to wait. Also you may have additional exemptions that I did not see in your state.

Each state is different. Take for example in TN a creditor can garnish 25% of your pay after taxes. In New York they can only garnish 10%. So I would wonder if there might be some exemption allowing you to keep the car. Lawyers offer free consultations.

The 2 year period is for look-back, not a prohibition against selling anything. I sold cows, a motorcycle and a car -- all within about 18 months of filing. I did have to disclose all of those transactions but the trustee was only interested in whether I got fair value for those items and that I did not fraudulently transfer them to a friend or family member in an effort to protect them from the bankruptcy.

You can sell your van, buy another vehicle that fits in the exemption and use the balance of the proceeds on other allowable expenses. This is called planning your bankruptcy and is entirely legitimate. Even if you trade this vehicle in on another with a lien, unless you really get screwed on the deal you will still have excess equity.

[Iamsoindebt]

thanks to everyone. =) i'll keep updated on plans.